Xinhua News Agency, Beijing, January 20th. Question:Decline for 29 consecutive months! Looking at the”money flow” changes from real estate loans

Xinhua News Agency reporter Li Yanxia

19.63 trillion yuan! A few days ago, the 2020″report card” for the financial system to serve the real economy was released, and the goal of nearly 20 trillion yuan in new loans was basically achieved.

A closer look at this”report card”, the curve of”money flow” is clearly visible:the growth rate of real estate loan balance has fallen for 29 consecutive months, and the growth rate of mid- and long-term manufacturing loan balance has increased for 14 consecutive months. .

The sharp contrast of”one rise and one fall” reflects the positive effects of macro-control and the positive changes in the macro economy, and is also a vivid manifestation of the new development pattern of the financial system’s continuous adjustment of”course” services.

The bank’s credit supply is affected by many factors, including its own positioning, capital constraints, risk and benefit considerations, and policy guidance.

In recent years, in the context of macro-controls such as”housing to live without speculation” and preventing and resolving financial risks, the regulatory authorities have been strictly controllingReal estate financing. The recent introduction of the real estate loan concentration management system has completely tightened the”gate” of real estate financing.

In 2020, the growth rate of real estate loans was lower than that of various loans for the first time in 8 years; the proportion of new real estate loans fell from 44.8%in 2016 to 28%… Under strict policy control, real estate” The effect of attracting gold has decreased significantly.

It is undeniable that, driven by interests, illegal capital flows into the real estate sector happen from time to time, and there are not a few banks that are fined for this reason.

For financial institutions, reducing real estate loans is not only an arrangement to implement macro-control, but also a need to actively prevent risks. About 40%of banking loans are placed in the real estate basket. The potential risks are self-evident. Optimizing the credit structure is a real need.

Precious credit resources must be used on the cutting edge.

——At the end of 2020, the balance of medium and long-term loans to the manufacturing industry increased by 35.2%year-on-year, and the growth rate was 20.3 percentage points higher than the previous year.

——At the end of 2020, the balance of inclusive small and micro enterprise loans exceeded 15 trillion yuan, a year-on-year growth rate of more than 30%.

The data is clear at a glance. The allocation of credit resources is accelerating to the manufacturing industry, small and micro enterprises and other fields.

This is not only the short-term need to actively respond to the impact of the new crown pneumonia epidemic, but also the general trend of serving the new development pattern. Since the outbreak of the new crown pneumonia, many small and medium-sized enterprises have encountered operational difficulties and urgently need financial support to tide over the difficulties. Manufacturing is the main body of the national economy, the key and focus of promoting high-quality economic development, and it should become the main battlefield for credit supply.

After a round of economic cycles, the financial industry has also realized that in accordance with national policy guidance and industrial development trends, continuous optimization of the credit structure is a guarantee for preventing and controlling asset quality risks from the source.

The change in”money flow” reflects the change in economic structure. According to data from the National Bureau of Statistics, my country’s high-tech industry investment in 2020 will increase by 10.6%over the previous year, which is 7.7 percentage points higher than the overall investment growth rate. The growth rate of investment in high-tech manufacturing reached 11.5%, which accounted for 2.8 percentage points of total investment in the manufacturing industry.

Today’s credit structure represents tomorrow’s economic structure. In fact, new business formats and new industries such as health care and online education that have flourished during the epidemic are also being favored by bank funds. Although the current overall proportion is not high, the future can be expected.

Looking forward, more funds flow to key areas and weak links is the general trend.

“Continue to give full play to the structural monetary policy tool and the precise drip irrigation role of the credit policy to build an effective financial support for small and micro businesses The institutional mechanism of the real economy such as enterprises.” The People’s Bank of China Working Conference in 2021 pointed out.

Experts predict that in 2021, the structural monetary policy of”holding and pressure” will be further exerted. The focus of”guarantee” is technological innovation, small and micro enterprises, green development, etc. There may be new policies The introduction of tools guides the investment of financial resources in these areas, and the”pressure” mainly refers to real estate finance and local government platform financing.

In addition to the support of preferential policies and the command of performance appraisal sticks, for the financial industry, how to improve credit policies and innovate business models around the needs of the real economy, especially to improve risk control capabilities and value to the enterprise The ability of professional judgment to get rid of the embarrassment of”want to lend but dare not to lend” to some key industries is the foundation for enabling funds to efficiently match the needs of the real economy.

[Correction] [Editor in charge:Zhao Wenhan]